On May 6, the U.S. Department of the Treasury (Treasury) denied Central States Pension Funds rescue plan application under the Multiemployer Pension Reform Act of 2014 (MPRA).
The Trustees have met with the Funds actuaries and legal advisors to carefully consider the most appropriate next steps. Based on those discussions, it was concluded that due to the passage of time, Central States can no longer develop and implement a new plan that complies with the final MPRA regulations issued by Treasury on April 26, 2016. Therefore, there will be no new rescue plan.
Although the decision to request approval of a rescue plan was very difficult for the Funds Trustees, we are disappointed in Treasurys decision. The rescue plan was a propos…
Read the full article at: http://kiow.com/2016/05/21/no-rescue-plan-for-members-of-central-states-pension-plan/